Non-Saudis can now buy property in Madinah under new ownership laws
Here’s how
Saudi Arabia has just revealed Executive Regulations for the ownership framework of real estate by non-Saudis, now creating a legal pathway for eligible international buyers to purchase property in designated developments in Madinah. Here’s how the non-Saudi Madinah property ownership will work.
Previously, it was announced that a person legally residing in the Kingdom may own one residential property outside the designated zones, except in Makkah and Madinah. In Makkah and Madinah, ownership will be limited to Muslims.
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Knowledge Economic City (KEC), one of the designated developments in Madinah, said it is preparing to welcome eligible international buyers as implementation of the new framework progresses, per Arabian Business.
Once the new non-Saudi Madinah property ownership framework comes into effect, eligible buyers will be able to purchase property through a transparent, government-regulated process designed to provide greater clarity and confidence throughout the ownership journey.
More about Knowledge Economic City
Knowledge Economic City spans more than 6.8 million square metres within the Haram boundary of Madinah and combines the following:
- Residential communities
- Hospitality
- Retail
- Commercial offices
- Education
- Healthcare
- Public spaces
Residents benefit from proximity to the Prophet’s Mosque, Mount Uhud, Quba Mosque and Qiblatain Mosque, together with direct access to the Haramain High-Speed Railway Station and Prince Mohammad bin Abdulaziz International Airport.
Previous announcements
According to the previously announced expat property ownership in Saudi Arabia details, a non-Saudi may own real estate or acquire other real rights in real estate. Rules like which geographic zones non-Saudis may own or acquire real rights in, the types of real rights non-Saudis may acquire, the maximum percentage of ownership permitted to non-Saudis within such zones; and the maximum duration for usufruct rights for non-Saudis are yet to be determined. The law shall not prejudice the application of the Premium Residency Law, the GCC nationals’ reciprocal property ownership framework, or any other laws granting more favourable rights to non-Saudis.
For more information, please visit: rega.gov.sa
